A Brief Overview of the House Buying Process

September 19, 2017September 19, 2017 by Eddie Evans

If you and your partner are thinking about getting your feet on the property ladder and starting a family, there is much to consider, and buying a house can seem a little daunting, what with the many legal documents and sourcing a mortgage. The process is indeed complicated, and the best way to approach it is to hire the services of an experienced conveyancing solicitor, someone who can explain each stage of the house buying process, and is there to act on your behalf.

Mortgage Pre-Approval

If you are a first time buyer, it is important to be certain of getting a mortgage, and in order to find out how much you can borrow, you can simply apply for pre-approval, and once you have this, you can begin to look at properties. Some solicitors have extensive connections in the mortgage market, and can often provide this service for their clients, and in the interests of all, it is better to be sure you have access to a home loan. There are, for example, lawyers in Yorkshire who can arrange a very competitive home loan, and with a tailored package and flexible options, your loan can be affordable.

The Conveyancing Process

Once you have enlisted the services of a conveyancing solicitor, you would already have a property in mind, and your solicitor would make contact with the seller, who would then put together a contract pack. This would contain the property Title Deeds, property information forms and a fixture and fittings form which is filled in by the seller. Your solicitor would check this contract pack to ensure that everything is in order, and would typically carry out a number of searches, including any outstanding invoices, which, if left unnoticed, would then be automatically transferred to the new owner. Others include a local authority search, which would detail the responsibility of public footpaths and if there are any enforcement notices pertaining to the property. A drainage-water search would show if the property is connected to the mains water supply and the main sewers, and with this information, the buyer can confidently proceed with the purchase.

Exchange of Contracts

At this stage, both buyer and seller will exchange contracts and enter into a legal obligation, as a buyer and a seller, and once the completion date is agreed, the buyer should pay the seller 10% of the purchase price. Then, by the completion date, all fund transfers have been made and the keys can be collected by the buyer’s solicitor, and the house in ready for occupation.

The conveyancing process should be handled by a qualified lawyer, and this person will keep the buyer informed at every stage of the process, and once the contracts have been exchanged, you will soon become the new owner. Modern lawyers cover the entire conveyancing process, and at affordable prices, your purchase will be handled professionally, with suitable searches carried out on the property, and if you are currently planning your first purchase, an online search will help you to find the right solicitor.